The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing one ton of agricultural products in Genovia is:
A. 1/5 of a car.
B. 1/50 of a car.
C. 1,000 cars.
D. 1 car.
Answer: B
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A diagram that shows the maximum amount of one type of good that can be produced in an economy, given the production of the other is known as
A) an indifference curve. B) the tradeoff schedule. C) the production possibility frontier. D) the balance of trade.
A difference between inventory investment and fixed investment is that
A) fixed investment is never unplanned. B) fixed investment is never planned. C) inventory investment is never unplanned. D) unplanned inventory investment is always zero.
If the exchange rate is .60 British pounds = $1, a bottle of ale that costs 3 pounds costs
a. $1.80. b. $4.80. c. $5. d. None of the above is correct.
Suppose that Industry X has two firms with equal market shares, and Industry Y has three firms with 65 percent, 30 percent, and 5 percent market shares, respectively. Which of the following is TRUE?
A. The HHI for Industry X is 50 higher than the HHI for Industry Y. B. The HHI for Industry X is 100 higher than the HHI for Industry Y. C. The HHI is the same between Industry X and Industry Y. D. The HHI for Industry X is 150 lower than the HHI for Industry Y.